Shiba Inu, the popular meme-based cryptocurrency, has been capturing the attention of investors and analysts alike. The token’s price has been consolidating within a falling wedge pattern, which typically signals a potential bullish reversal. Analyst “The Crypto Express” notes that the Shiba Inu price has been forming lower highs and lower lows, creating this falling wedge pattern.
The price is currently testing the upper trendline, which serves as a key resistance zone. If $SHIB breaks above the $0.00001280 to $0.00001300 zone successfully, it could trigger an upward move. However, the 200-day exponential moving average remains an obstacle.
A close above this moving average could confirm bullish momentum. On the downside, $SHIB price has support around $0.00001150 to $0.00001160. If the Shiba Inu price fails to hold this level, further declines may follow.
Another technical pattern observed is the cup-and-handle formation, which is considered a bullish continuation pattern. Analyst CryptooELITES highlighted this formation, noting that Shiba Inu is now at a favorable buying zone.
Shiba Inu’s bullish patterns analyzed
The analyst projects a 12x price rally for $SHIB, with key resistances at $0.00003117 and $0.00008517. Shiba Inu has also experienced increased social media activity, with a 4,110 increase in mentions today. This rise in online discussions reflects a growing interest in the asset.
Additionally, CryptoQuant data shows that $SHIB’s exchange reserves have dropped to a four-year low of approximately 94.2 trillion tokens, suggesting reduced immediate selling pressure. Despite the recent struggles of Shiba Inu compared to its rival Dogecoin, enthusiasts remain bullish on the token’s potential. A prominent market analyst, Luis Delgado, insists that a surge to $0.01 per SHIB is possible, as impossible things happen regularly in the world of cryptocurrency.
Lucie, Shiba Inu’s marketing lead, expressed confidence in this ambitious goal, believing that although it might take time, the surge to $0.01 remains a realistic prospect. Analytical insights from Bitcoin analysts Jason Williams and Yazan forecast that SHIB could surpass $0.01 as early as this year on its path to $0.05. For Shiba Inu to realistically achieve the $0.01 target, certain changes must be implemented, including a significant reduction in the circulating supply and the introduction of innovations that would drive SHIB’s mainstream adoption.
As the cryptocurrency market remains uncertain, Shiba Inu’s future price action will depend on the project’s ongoing developments and the overall market sentiment. Analysts believe that if the Shiba Inu community remains committed, price predictions for 2025 could reach $0.000081, representing a 450% increase.
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